Saputo Inc.

Good morning and welcome to Saputo Inc's third quarter 2025 financial results conference call and webcast. All participants are in a listen-only mode. After the speaker's remarks, we will conduct a question and answer session. To ask a question at this time, you'll need to press star followed by one on your telephone keypad. As a reminder, this conference call is being recorded. I would now like to turn the call over to Nick Estrella, Senior Director of Investor Relations. Thank you. Please go ahead.

Thank you, Julianne. Good morning, and welcome to our third quarter fiscal 2025 earnings call. Our speakers today will be Carl Pulitzer, President and Chief Executive Officer, and Maxime Therrien, Chief Financial Officer and Secretary. Before we begin, I'd like to remind you that this webcast and conference call are being recorded, and the webcast will be posted on our website, along with the third quarter investor presentation. Please also note that some of the statements provided during this call are forward-looking. Such statements are based on assumptions that are subject to risks and uncertainties. We refer to our cautionary statements regarding forward-looking information in our annual report, press releases, and filings. Please treat any forward-looking information with caution, as our actual results could differ materially. We do not accept any obligation to update this information, except as required under securities legislation. I'll now hand it over to Carl.

Thank you, Nick, and good morning, everyone. The third quarter was a positive quarter. one in which we made good progress overall with solid execution and cost containment efforts and accelerating contributions from our large capital projects. We also delivered a strong financial performance despite a high level of market volatility throughout the quarter. We generated adjusted EBITDA of $417 million, 13% higher year over year, and marking our best quarterly performance since Q3 of fiscal 2023. Revenues were up in all sectors, reflecting higher sales volumes and domestic selling prices. We also benefited from an improving global dairy market with increased international cheese and dairy ingredient prices. This consistent operating and financial performance continues to support our cash generation with operating cash flow at $735 million so far this fiscal year. During the quarter, we took advantage of our strong cash generation to return additional capital to shareholders through share repurchases. We are confident in our ability to continue generating steady cash flows, and we intend to focus our capital allocation strategy on share repurchases in the near term. As a result, we increased the total number of shares that can be repurchased under our NCIB from 2% to 5% of shares outstanding. Given our current share price, we believe buying back shares offers the best return on capital. From a capital projects contribution perspective, the initiatives and systems and infrastructure we have put in place to support a diversified portfolio and reduce our costs are generating results with $30 million of savings and benefits in our U.S. sector this quarter. Significant long-term margin opportunity remains ahead as we execute on our operations and productivity plans. Food inflation is now easing, but prices nonetheless remain high. Consumers are still cost-sensitive and focused on value. In this environment, we continue to adapt our commercial and growth strategies. Consistent with last quarter, in Q3, we focused on the breadth of our portfolio and our premium and value offerings across retail and food service. These remain the areas of greatest competitive differentiation and market opportunity in the current context. Before I turn it over to Max, I would like to speak to the decision to withdraw our previously disclosed long-term adjusted EBITDA aspiration. Market conditions have not stabilized as we had anticipated, making this a prudent decision as we operate in what remains a dynamic consumer environment. We are committed to delivering the benefits from our investments and will continue to take action to optimize and streamline operations across each of our geographic regions, support the growth of our key customers, and invest in our leading brands consistent with our commercial strategy. At the same time, we continue to evaluate all aspects of the business, including our strategic priorities, our cost and resource structure. Saputo is a resilient business with a strong foundation comprised of a portfolio of exceptional brands and world-class assets that can be further improved and built upon. And I am confident we are on the right track. I will now turn the call over to Max for the financial review before providing my concluding remarks.